Reinsurance News
Generali
Generali reports 4.7% increase in GWP to €60.5bn for 9M’23
17th November 2023
Italian insurer Generali has reported gross written premiums (GWP) of €60.5 billion for the first nine months of 2023, as its combined ratio strengthened by 3.1 percentage points to 94.3%. Generali attributes the growth in GWP to strong growth in its P&C business, which saw premiums expand 11.4% year-on-year to €23.4 ... Read the full article
Generali Ventures underway with dedicated commitment of €250m
31st October 2023
Generali has announced that Generali Ventures, the firm's strategic innovation initiative in venture capital fund, is underway, with a dedicated commitment of €250 million, as it plans to "identify the most promising investment opportunities, with a particular focus on the insurtech and fintech sectors." Launched in 2022, after an in-depth analysis ... Read the full article
Generali sees nine month catastrophe losses exceed annual budget: Reuters
19th October 2023
Italian insurer Generali is set to report catastrophe losses of around $888 million (EUR 840 million) for the first nine months of 2023, exceeding its budget for the full year, according to a Reuters report. Reuters reports that during an event held today in Munich, the global insurer's Group Chief Financial ... Read the full article
Allianz to acquire Generali’s Tua Assicurazioni for €280m
13th October 2023
Global insurer Allianz is set to increase its property and casualty (P&C) market share in Italy with the acquisition of Tua Assicurazioni from Generali for a cash consideration of €280 million. Previously part of Cattolica Assicurazioni, TUA Assicurazioni is an insurance subsidiary of the Group focused on P&C business in the ... Read the full article
Generali appoints Giulio Terzariol CEO Insurance
2nd October 2023
Generali has announced that Giulio Terzariol will join the firm as CEO Insurance, a newly created role with responsibility for all the insurance Business Units, with effect from January 2024. Generali explained that as CEO Insurance, Terzariol will be responsible for overseeing the activities of the CEOs of Generali’s Insurance Business ... Read the full article
Generali and UNDP partner to reduce the protection gap and support SMEs
25th September 2023
Global insurer Generali and the United Nations Development Programme (UNDP) launch the “Insurance Innovation Challenge Fund” aimed to facilitate and incentivise the development of innovative insurance solutions in Malaysia. At the same time, together with UNDP, Generali has also expanded its flagship SME EnterPRIZE project to Asia. The insurer’s partnership with UNDP ... Read the full article
Fitch upgrades Generali’s ratings citing “resilient operating performance”
19th September 2023
Fitch Ratings has upgraded Generali’s Insurer Financial Strength (IFS) rating to “A+” from “A” with a stable outlook, and has also upped the firm's Long-Term Issuer Default Rating (IDR) to 'A' from 'A-'. Fitch suggested that the upgrades reflect Generali’s "very strong capitalisation and moderate financial leverage" and the "continuous improvement ... Read the full article
Generali closes fifth green bond
7th September 2023
Italian insurer Generali has placed a new Euro denominated Tier 2 bond maturing in September 2033, issued in green format in accordance with its Sustainability Bond Framework. According to the announcement, an amount corresponding to the net proceeds of the notes will be used to finance/refinance “Eligible Green Projects”. During the book ... Read the full article
Generali posts €42.2 billion GWP in H123, combined ratio hits 91.6%
9th August 2023
Italy-headquartered insurer Generali has reported that gross written premiums (GWP) increased to €42.2 billion (+3.6%), in the first half of 2023, with the insurer noting that this was driven by significant P&C growth (+10.6%). Generali's operating result grew by 28% to reach €3,721 million, which was heavily contributed by the diversification ... Read the full article
Generali announces acquisition of major asset manager Conning Holdings
6th July 2023
Generali has announced its acquisition of Conning Holdings Limited (CHL), a leading global asset manager for insurance and institutional clients, from Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial institutions. As a result of the contribution of CHL into Generali Investments Holding S.p.A (GIH), Cathay ... Read the full article
Italy’s top insurers, Allianz and banks come to Eurovita’s rescue: reports
3rd July 2023
Italy's top four insurers and Germany's Allianz have agreed on a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday, as reported by Reuters. This comes after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance ... Read the full article
GC&C strengthens parametrics insurance structure
21st June 2023
Generali Global Corporate & Commercial (GC&C) has announced it is strengthening its Parametrics structure to expand its operational platform and enhance its market presence. Within GC&C’s Insurance Function, the structure known as Property, Engineering & Construction, led by Sander Van Voorden, will now be renamed as Property, Engineering, Construction & Parametrics, ... Read the full article
Generali to acquire Liberty Seguros for $2.5bn
15th June 2023
Liberty Mutual Insurance has agreed to sell its Madrid headquartered personal lines and small commercial insurance business, Liberty Seguros, S.A., to Generali Group for USD 2.5 billion (EUR 2.3 billion), subject to customary closing adjustments. The deal includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal, and Spain. Liberty Mutual's other European ... Read the full article
Generali sees GWP rise to €22.2 billion in Q1, driven by growth in P&C
25th May 2023
Italy-headquartered insurer Generali has reported that gross written premiums increased to €22.2 billion in Q1 of 2023, driven by robust growth in the P&C segment, which was up 10.1%. Meanwhile, Life net inflows were €-190 million, with net outflows from savings that were partially compensated by positive net inflows in both ... Read the full article
Generali Malaysia aims higher positioning post business integration
18th May 2023
Generali Malaysia aims to become one of the largest general insurers and emerging life insurer in Malaysia following its business integration with Affin Bank Bhd. Generali Group successfully acquired a controlling majority in AXA Affin joint ventures in Malaysia and completed the purchase of MPI Generali Insurans Berhad. The transaction valued ... Read the full article